Rule 424(b)(3)
Registration Statement No. 333-98743 and
333-103966
CUSIP # 12560PDF5
PRICING SUPPLEMENT NO. 15
Dated April 14, 2004 to
Prospectus, dated May 9, 2003 and
Prospectus Supplement, dated May 9, 2003.
CIT GROUP INC.
GLOBAL MEDIUM-TERM FLOATING RATE NOTES
DUE NINE MONTHS OR MORE FROM DATE OF ISSUE
(X) Senior Note ( ) Senior Subordinated Note
Principal Amount: U.S. $1,000,000,000.00.
Proceeds to Corporation: 99.90006% or $999,000,600.00.
Agent Commission: 0.09994% or $999,400.00.
Issue Price: 100.00% or $1,000,000,000.00.
Original Issue Date: April 19, 2004.
Maturity Date: April 19, 2006.
Interest Rate Basis: LIBOR Telerate.
Index Maturity: Three months.
Spread: +10 basis points (0.10%).
Interest Rate Calculation: LIBOR Telerate determined on the Interest
Determination Date plus the Spread.
Initial Interest Rate: LIBOR Telerate determined two London Business Days prior
to the Original Issue Date plus the Spread.
Specified Currency: U.S. Dollars.
It is expected that the Notes will be ready for delivery in book-entry form on
or about April 19, 2004.
Lehman Brothers Barclays Capital
Deutsche Bank Securities Citigroup
HSBC ABN AMRO Incorporated
Wachovia Securities BNP PARIBAS
Goldman, Sachs & Co.
Form: Global Note.
Interest Reset Dates: Quarterly on July 19, October 19, January 19 and
April 19 of each year, commencing July 19, 2004,
provided that if any Interest Reset Date would
otherwise fall on a day that is not a Business
Day, then the Interest Reset Date will be the
first following day that is a Business Day,
except that if such Business Day is in the next
succeeding calendar month, such Interest Reset
Date will be the immediately preceding Business
Day.
Interest Payment Dates: Interest will be paid on the Maturity Date and
quarterly on July 19, October 19, January 19 and
April 19 of each year, commencing July 19, 2004,
provided that if any such day (other than the
Maturity Date) is not a Business Day, the
Interest Payment Date will be the next succeeding
Business Day, except that if such Business Day is
in the next succeeding calendar month, such
Interest Payment Date will be the immediately
preceding Business Day, and no interest on such
payment will accrue for the period from and after
the Maturity Date or such other Interest Payment
Date (other than the Maturity Date), as
applicable.
Accrual of Interest: Accrued interest will be computed by adding the
Interest Factors calculated for each day from the
Original Issue Date or from the last date to
which interest has been paid or duly provided for
up to but not including the day for which accrued
interest is being calculated. The "Interest
Factor" for any Note for each such day will be
computed by multiplying the face amount of the
Note by the interest rate applicable to such day
and dividing the product thereof by 360.
Interest payments will include the amount of
interest accrued from and including the most
recent Interest Payment Date to which interest
has been paid (or from and including the Original
Issue Date) to but excluding the applicable
Interest Payment Date.
Interest Determination Date: Two London Business Days prior to each Interest
Reset Date.
Calculation Date: The earlier of (i) the fifth Business Day after each Interest
Determination Date, or (ii) the Business Day immediately
preceding the applicable Interest Payment Date.
Maximum Interest Rate: Maximum rate permitted by New York law.
Minimum Interest Rate: 0.0%.
Exchange Listing: None.
Other Provisions:
"LIBOR Telerate" means the rate for deposits in U.S. dollars having the
Index Maturity specified above which appears on the Telerate Page 3750
(defined below) as of 11:00 a.m., London time, on the applicable
Interest Determination Date.
"Telerate Page 3750" means the display page designated as page 3750 on
the Moneyline Telerate service (or such other page as may replace page
3750 on that service for the purpose of displaying London interbank
offered rates).
"Business Day" means any day, other than a Saturday or Sunday, that is
neither a legal holiday nor a day on which banking institutions are
generally authorized or required by law or regulation to close in The
City of New York, which day is also a day on which dealings in deposits
in U.S. dollars are transacted in the London interbank market.
"London Business Day" means any day on which deposits in U.S. dollars
are transacted in the London interbank market.
Trustee, Registrar, Authenticating and Paying Agent: J.P. Morgan Trust
Company, National Association (as successor to Bank One Trust Company,
N.A.).
Agents:
Agent Principal Amount
----- ----------------
Lehman Brothers Inc. $260,000,000
Barclays Capital Inc. $200,000,000
Deutsche Bank Securities Inc. $175,000,000
Citigroup Global Markets Inc. $157,000,000
HSBC Securities (USA) Inc. $50,000,000
ABN AMRO Incorporated $50,000,000
Wachovia Capital Markets, LLC $50,000,000
BNP Paribas Securities Corp. $33,000,000
Goldman, Sachs & Co. $25,000,000
--------------
Total $1,000,000,000
CUSIP: 12560PDF5